Letter to Governor to Immediately Release Draft Cap-and-Invest Regulations
80+ Organizations, Businesses, Faith Groups, and Unions across New York State Call on Governor Hochul to Immediately Release Draft Cap-and-Invest Regulations
Consumer Affordability, Emissions Reductions, Climate Resiliency, and New Union Jobs on Indefinite Hold As a Result of Delay
80+ organizations, businesses, faith groups, and unions representing sectors across New York State have sent a signed letter to Governor Hochul urging her to immediately release all draft Cap-and-Invest Program regulations.
“The undersigned organizations, businesses, and unions, representing millions of New Yorkers, call on you to immediately release all the Draft Cap and Invest Regulations and initiate the public hearing and comment period so that we can move to implementation as soon as possible. Every day that passes without regulations and implementing this program is another day we delay having money that could be invested in our communities and directed to save New Yorkers money,” the letter states.
Draft regulations were anticipated last year, but in the State of the State and subsequent communications, the Governor has now said that only one of the program’s draft regulations will be released “in the coming months,” leaving dates for the public hearings, public comment period and, most important, implementation undefined.
“Especially in the context of Federal inaction, this is an urgent opportunity for New York to be a leader, build off similar programs that other states have implemented, and offer a model for responsibly and affordably making polluters contribute to modernizing infrastructure for pollution reduction and advancing climate action,” said Stephan Edel, Executive Director, NY Renews.
The program would “cap” toxic emissions, require corporate polluters to pay for allowances to pollute, then direct that revenue into the Climate Action Fund to invest in climate and environmental justice projects, programs, policies and energy affordability for New Yorkers.
“Cap-and-invest is an immediate solution to cut pollution, improve air quality, and lower energy bills for New Yorkers — all while protecting communities from the mounting impacts and costs of climate disasters,” said Kate Courtin, Senior Manager, State Climate Policy & Strategy, Environmental Defense Fund. “New Yorkers cannot afford to wait any longer for decisive climate leadership. We stand with partners in calling on the Governor to immediately release the draft cap-and-invest regulations.”
Had the program already been in effect, an analysis from the Department of Environmental Conservation (DEC) and New York State Research and Development Authority (NYSERDA) estimated program revenue to be between $3 and $5.1 billion in 2025. Recent research conducted by NYC Environmental Justice Alliance and Resources for the Future shows a Cap-and-Invest program done right can financially benefit many New Yorkers, with households that make under $200,000 either saving money, or breaking even on energy costs.
“According to our research, a true cap-and-invest program can cut costs for New Yorkers and help them save money while reducing pollution and improving public health. We can make corporate polluters pay immediately and invest billions of dollars every year in clean energy, climate solutions and our communities,” said Eunice Ko, Deputy Director, NYC Environmental Justice Alliance. “The costs of climate disasters and disruptions are already piling onto New Yorkers. Governor Hochul must immediately release the regulations with protections for disadvantaged communities and make it as affordable as possible for New Yorkers.”
At the January 28th budget hearing on Energy and Environmental Conservation, when asked by the Finance Committee Chair, NY Senator Liz Krueger (SD-28), if Cap-and-Invest would “help address the growing utility costs for New York State people who are paying too much in their utilities,” NY State Public Service Commissioner Rory Christian testified, “yes, it would benefit ratepayers by lowering their costs, yes.”
Signers are asking the Governor for certainty, clarity, and sound policy on Cap-and-Invest for the millions of New Yorkers they represent. In the case of one of the state’s leading programmatic prospects for climate action, that means regulations for an effective, affordable, and equitable program that will reduce pollution, cut consumer costs, and generate significant, ongoing climate funding.
“Further delaying implementing the state’s Cap-Trade-and-Invest program is unnecessary and unwise. The longer we delay the more difficult it becomes to reduce greenhouse gas emissions and the more people will suffer,” said Rev. John Paarlberg, NY State Council of Churches
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NY Renews is a coalition of 380+ environmental justice, community, faith, labor, and multi-issue organizations fighting for just climate policy for New Yorkers. We are the force behind the nation's most aggressive climate law, the 2019 NY State Climate Leadership and Community Protection Act.